Insurance giant LV= has pulled out of the legal services market less than two years after it entered. The company announced today that it has shut down its legal services business with immediate effect to all new customers.
The insurer had entered a partnership in January 2016 with national firm Lyons Davidson to offer wills, power of attorney, probate conveyancing, personal injury and employment advice, all through an online fixed-fee service.
But its departure from the sector, confirmed with a brief message on its website, is the latest example of a big-name brand unable to successfully break into the legal market.
A spokeswoman for LV= explained the company was not prepared to make the investment required to establish the legal services business in a crowded market.
‘While feedback from our customers on the services we provided was very good, the sustainability of LV= Legal Services required scale and significant investment,’ she said.
‘To ensure we continue providing our customers with great products and quality customer service, it was decided that we’d instead focus on strengthening our capabilities in our core businesses of general insurance and life & pensions and any necessary investment is being put into these specific areas.’
The company said it will fulfil any services which existing customers have already purchased. The website directs customers to contact Lyons Davidson for more information.